Jurisdictional sanction requirements bar reassessment when approval comes from an authority lacking statutory competence under the applicable framewor...
Recorded sales receipts cannot be reassessed as unexplained cash credits, eliminating the basis for consequential alleged commission expenditure addit...
Sufficient cause for delayed income-tax appeals requires bona fide diligence; unsubstantiated counsel illness and assessee inaction defeat condonation...
TNMM Segmentation Limits Transfer-Pricing Adjustments to Associated-Enterprise Transactions and Requires Turnover-Based Comparable Selection for IT Se...
Offence under FEMA - enhancement of penalty. Export obligations not completed within prescribed period for 21 foreign remittances, constituting technical contravention. Section 13(1) FEMA allows maximum penalty of three times the contravention amount, without prescribing fixed or minimum penalty. Adjudicating Authority's discretion to impose judicious penalty based on case facts. Export proceeds realized with delay, indicating no intention to contravene substantive provisions. Penalty of Rs. 2 lakh each on both noticees meets ends of justice for technical contraventions. Adjudicating Authority's order cannot be interfered with, as reasons for penalty imposition are reasonable. Appellate Tribunal upholds the order.
Offence under FEMA - enhancement of penalty. Export obligations not completed within prescribed period for 21 foreign remittances, constituting technical contravention. Section 13(1) FEMA allows maximum penalty of three times the contravention amount, without prescribing fixed or minimum penalty. Adjudicating Authority's discretion to impose judicious penalty based on case facts. Export proceeds realized with delay, indicating no intention to contravene substantive provisions. Penalty of Rs. 2 lakh each on both noticees meets ends of justice for technical contraventions. Adjudicating Authority's order cannot be interfered with, as reasons for penalty imposition are reasonable. Appellate Tribunal upholds the order.
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TaxTMI 
TaxTMI 
